证券研究报告 | 2026年01月28日 大金重工（002487.SZ） 优于大市 全年业绩高增，打造海工全链条服务能力 风险提示：海外海风进度不及预期；原材料价格大幅上涨；行业竞争加剧。 投资建议：上调盈利预测，维持"优于大市"评级。 考虑到公司在手订单结构和海工产业链布局进展，上调 26-27 年盈利预测。 我们预计公司 2025-2027 年实现归母净利润 11.19/17.55/22.62 亿元（原预 测值为 11.94/16.55/20.96 亿元），当前股价对应 PE 分别为 38/24/19 倍。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,325 | 3,780 | 5,646 | 8,600 | 10,663 | | (+/-%) | -15.3% | -12.6% | 49.4% | 52.3% | 24.0% | | 净利润(百万元) | 425 | 474 | 1119 | 1755 | 2262 | | (+/-%) ...

当地时间1月26日，第三届北海峰会在德国汉堡举行。本届北海峰会上，英国和比利时、丹麦、法国、 德国、爱尔兰、卢森堡、荷兰、挪威等地签署了《汉堡宣言》。宣言目标是到2050年通过跨境合作在北 海开发100吉瓦的海上风电项目，并加强对关键基础设施的保护。 据彭博社报道，北海周边国家的目标是到2050年实现300吉瓦的海上风电装机容量，其中三分之一（即 100吉瓦）将来自联合项目。输电系统运营商将在2030年启动其中约20吉瓦的项目。 作为全球海上风电企业，明阳智能持续推进"两海战略"，坚持以创新驱动技术变革，推动海上风电向大 型化、深远海发展。近年来，公司深耕海陆兆瓦级风电机组创新研发与制造，聚焦深远海漂浮式风电平 台研制、海陆风电机组容量大型化与轻量化、风电智能化平台研发等领域。 明阳智能加码欧洲海风布局。2025年10月，明阳智能公告称，公司拟在苏格兰建设英国首个全产业链一 体化风电机组制造基地，预计投资总额为15亿英镑，将用于建设海上与漂浮式风电机组制造工厂。预计 该项目分三个阶段进行。首期计划建设风电机舱与叶片制造厂，计划2028年底实现首批投产；第二期计 划扩建生产线，加速英国漂浮式风电技术的规模化生产 ...

截至目前，明阳的产品和解决方案已服务超过60个国家和地区，全球投运新能源项目超1900个，全球新 能源总交付量131GW，交付海、陆风电机组24000余台。 据报道，北海周边国家的目标是到2050年实现300GW的海上风电装机容量，其中三分之一（即 100GW）将来自联合项目。输电系统运营商将在2030年代启动其中约20GW的项目。 这一规划有望为国内海上风电领军企业明阳智能（601615）带来全新机遇。就在不久前，明阳智能发布 公告，拟在苏格兰建设英国首个全产业链一体化风电机组制造基地，预计投资总额为15亿英镑，将用于 建设海上与漂浮式风电机组制造工厂。 公告显示，该项目预计将分为三个阶段进行：首期计划建设风电机舱与叶片制造厂，计划2028年底实现 首批投产；第二期计划扩建生产线，加速英国漂浮式风电技术的规模化生产；第三期计划进一步扩展至 控制系统、电子设备及其他关键部件的生产制造。 除此之外，2025年8月上旬，明阳智能、意大利开发商Renexia和意大利商业与制造业部部长Adolfo Urso 三方签署谅解备忘录，目的是在意大利建立风机组件生产基地，并为Renexia的Med Wind浮式海上风电 项目 ...

格隆汇1月26日丨大金重工(002487.SZ)在互动平台表示，各类产品规格因适配不同主机机型，适用于不 同水深，面临复杂的海况条件、海底地质等而不同。以2025年上半年单桩销售金额计，公司是欧洲市场 排名第一的海上风电基础装备供应商，市场份额为29.1%。 ...

Core Viewpoint - Datang Power's stock price has shown a positive trend, with a year-to-date increase of 14.61% and a market capitalization of 740.27 billion yuan as of January 26 [1]. Group 1: Stock Performance - On January 26, Datang Power's stock rose by 2.04%, reaching 4.00 yuan per share, with a trading volume of 2.79 billion yuan and a turnover rate of 0.57% [1]. - The stock has increased by 4.71% over the last five trading days, 9.29% over the last 20 days, and 7.96% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Datang Power reported operating revenue of 893.45 billion yuan, a year-on-year decrease of 1.80%, while net profit attributable to shareholders increased by 51.54% to 67.12 billion yuan [2]. - Since its A-share listing, Datang Power has distributed a total of 234.78 billion yuan in dividends, with 28.43 billion yuan distributed in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Datang Power reached 196,400, an increase of 21.51% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 148 million shares, a decrease of 18.14 million shares from the previous period [3].

Summary of the Conference Call for Daikin Heavy Industries Industry Overview - The offshore wind power industry is experiencing significant growth, with a cumulative generation capacity of 84.4 GW as of Q4 2025. Ongoing projects amount to 35.5 GW, and projects that have reached Final Investment Decision (FID) but are not yet under construction total 13.4 GW. By 2040, an additional 299 GW of fixed projects and 55.7 GW of floating projects are expected, bringing total installed capacity to 488 GW. However, current plans may not meet the rising electricity demands from emerging sectors like AI data centers, exemplified by Google's substantial energy needs for its data centers in Denmark [6][22]. Company Performance and Projections - Daikin Heavy Industries anticipates a significant increase in net profit for 2025, projected between 1.05 billion to 1.2 billion CNY, representing a growth of 122% to 153% compared to 470 million CNY in 2024. The earnings per share are expected to be between 1.65 CNY and 1.88 CNY [3][4]. - The primary drivers for this growth include rapid increases in the delivery volume and value of overseas offshore wind projects, enhanced product construction standards leading to higher added value, and systematic services such as transportation and localized installation [2][4]. Market Dynamics - The UK’s seventh round of Contracts for Difference (CFD) exceeded market expectations, with a budget increase from 800 million GBP to 1.6 billion GBP, and then to 1.9 billion GBP. This reflects a positive governmental stance towards offshore wind development and adjustments to previous anti-subsidy policies, significantly boosting developer investment enthusiasm [7]. - In Germany, 8.5 GW was auctioned in 2025, with a total of 16 GW auctioned from 2022 to 2025, indicating a robust market for offshore wind projects [8]. Strategic Partnerships and Infrastructure - Daikin Heavy Industries is actively expanding its presence in the European market, collaborating closely with major owners such as RWE, JAR-BP, and Total. The company has established a strategic foothold at the only designated offshore wind power hub in Germany, the Cuxhaven port, which positions it favorably in the German offshore wind project landscape [2][9]. - The company has also laid out plans for European port services, including the Baltic Sea Odense port and Cuxhaven port, to support its market development in Europe [8]. Competitive Advantages - Daikin Heavy Industries holds a differentiated competitive advantage in the Engineering, Procurement, and Construction (EPC) sector, characterized by comprehensive cost advantages and extensive design and service capabilities. The company has strategically positioned itself by investing in shipping and port infrastructure to meet future product demands over the next decade [4][30]. Future Orders and Market Outlook - For 2026, Daikin Heavy Industries expects to secure significant orders in Germany, the UK, and Poland, with a market share exceeding 50% in Germany. The overall expected bidding volume in Europe is projected to exceed 30 GW [17][18]. - The company is also monitoring the growing demand for data centers in Europe, which may lead to direct Power Purchase Agreements (PPAs) with offshore wind projects, bypassing traditional government bidding processes [22]. Challenges and Considerations - The offshore engineering sector faces high standards and transportation barriers, with only 18 vessels capable of transporting large components globally. Daikin Heavy Industries has developed specialized vessels to enhance its competitive edge in this area [13][14]. - The company is also aware of the potential impacts of currency fluctuations on its financial statements, although it has managed to mitigate risks through timely currency exchanges [16]. Conclusion - Daikin Heavy Industries is well-positioned to capitalize on the growing offshore wind market, with strong projections for profit growth, strategic partnerships, and a focus on enhancing its competitive advantages through infrastructure investments and service offerings. The company is actively preparing for future market demands while navigating the challenges of the industry.

Core Viewpoint - The wind power industry in China is experiencing a significant recovery, driven by increased demand and improved competition dynamics, leading to enhanced profitability across the sector [2][3][4]. Company Performance - Luoyang Xinqianglian's projected net profit for 2025 is estimated to be between 780 million to 920 million yuan, representing a year-on-year growth of 1093.07% to 1307.21% [2]. - Dajin Heavy Industry anticipates a net profit of 1.05 billion to 1.2 billion yuan for 2025, reflecting a growth of 121.58% to 153.23% [3]. Industry Trends - The National Energy Administration reported that from January to November 2025, the newly installed wind power capacity in China reached 82.5 GW, a year-on-year increase of 59.5% [3]. - As of November 2025, the cumulative installed wind power capacity in China reached 600 million kW, marking a 22.4% year-on-year growth [3]. - The wind power industry is shifting from a focus on scale expansion to value enhancement, with expectations of improved overall profitability across the industry [3][4]. Technological Advancements - Chinese wind power companies are focusing on innovation, promoting larger and lighter wind turbine units, and enhancing digital and intelligent applications across the entire process from R&D to production and operation [4]. - The industry is leveraging industrial IoT, big data, and smart algorithms to boost its innovation capabilities and overall competitiveness [4]. Market Dynamics - The offshore wind power market is projected to see significant growth, with over 350 GW of new installed capacity expected globally from 2025 to 2034, and China is anticipated to contribute 80 GW of this total [4][5]. - The Chinese wind power industry is accelerating its global expansion, capitalizing on its cost-effectiveness and supply chain advantages, particularly in the offshore segment [5]. - The industry is entering a new development cycle characterized by simultaneous increases in both volume and price, with expectations of accelerated recovery in the performance of listed companies within the sector [5].

Core Viewpoint - The wind power industry in China is experiencing a significant recovery, driven by increased demand and improved competition dynamics, leading to enhanced profitability for companies in the sector [1][2][4]. Company Performance - Luoyang Xinqianglian Co., Ltd. (New Qianglian) expects a net profit of 780 million to 920 million yuan for 2025, representing a year-on-year growth of 1093.07% to 1307.21% [1]. - Dajin Heavy Industry Co., Ltd. anticipates a net profit of 1.05 billion to 1.2 billion yuan for 2025, with a year-on-year increase of 121.58% to 153.23% [2]. Industry Trends - The National Energy Administration reported that from January to November 2025, the newly installed wind power capacity in China reached 82.5 GW, a year-on-year increase of 59.5% [2]. - As of November 2025, the cumulative installed wind power capacity in China reached 600 million kW, reflecting a year-on-year growth of 22.4% [2]. - The wind power industry is shifting from low-price competition to value enhancement, with overall profitability expected to improve [2]. Technological Advancements - Chinese wind power companies are focusing on innovation, promoting larger and lighter wind turbine units, and enhancing digital and intelligent applications across the entire process from R&D to operation [3]. Global Market Dynamics - The global offshore wind power market is projected to add over 350 GW of installed capacity from 2025 to 2034, with China expected to contribute 80 GW, accounting for 51% of the global additions during that period [3][4]. - Chinese companies are leveraging their cost advantages and supply chain strengths to accelerate their global expansion, particularly in the offshore wind sector [4].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - In 2025, the company expects to achieve a net profit attributable to the parent of 1.05 - 1.2 billion, with a year-on-year increase of 121.58% - 153.23%. The growth is due to the rapid increase in the delivery volume and amount of overseas offshore wind projects, the higher added value brought by the improved construction standards of exported offshore engineering products, and the further increase in the value of executed projects through systematic services [27]. - In the long - term, European offshore wind power has good growth potential due to the need for energy substitution, new power demand, and rich wind resources [27]. - The UK AR7 auction results are positive, with the project scale and subsidy amount reaching a record high, which has increased developers' enthusiasm [27]. 3. Summary by Related Content 3.1. Research Basic Information - Research object: Dajin Heavy Industry, belonging to the wind power equipment industry [8]. - Reception time: January 22, 2026; the reception staff are the company's management [8]. - Participating research institutions include fund management companies, asset management companies, insurance asset management companies, securities companies, investment companies, etc., such as Dongxing, Rongtong, and China Merchants Securities [9]. 3.2. Q&A Session - **European Offshore Wind Power Sustainability**: The need for energy substitution, new power demand, and rich wind resources in Europe make offshore wind power a "must - choose" option. There is still good growth space as the current penetration rate is low [27]. - **UK AR7 Auction Results**: The AR7 auctioned 8.4GW of offshore wind projects, exceeding market expectations. The project scale and subsidy amount reached a record high, and the execution prices of fixed and floating projects increased year - on - year, increasing developers' enthusiasm. The company is confident in the market this year as the winning bidders are important customers [27][28]. - **2026 Overseas Tendering Progress**: In addition to the UK, Germany, Japan, the Netherlands, and Poland are key markets. Germany has a large volume of auctioned projects to be finalized this year, and the company has a high market share in the German offshore wind foundation field. Japan has some approved projects expected to be finalized this year, and the company is actively participating in bidding. The company has completed its layout in the Polish market [28][29]. - **Floating Project Progress**: Multiple countries are expected to make progress in commercial floating offshore wind power projects this year, including the UK, France, and South Korea. The high winning bid price of the UK AR7 floating project sets a good foundation for subsequent auctions [29]. - **Localized Service Orders**: Localized services can solve customers' bottlenecks and drive the value of other parts of the contract. The company will gradually provide such services to enhance its systematic service capabilities [29]. - **Orders in Other Regions**: Japan and South Korea are emerging overseas offshore wind markets, and the company is actively participating in bidding as a core supplier [29]. - **Own Ship Operation**: The company expects 2 - 3 ships to be put into operation this year, with each voyage capable of transporting 15,000 - 20,000 tons of products. It will have a positive impact on project profitability [30]. - **European Dock Capacity**: The company's docks in Denmark can cover projects in the Baltic Sea area, and those in Germany can cover projects in the North Sea area. The company is looking for new docks to meet the needs of other European offshore engineering projects [30]. - **Project Scheduling and Shipment**: The overseas project production line has a tight scheduling rhythm, and multiple new overseas projects are expected to be shipped this year [31]. - **Exchange Rate Impact in Q4 2025**: The exchange rate did not have a significant impact on the company's overall performance [31].

Core Viewpoint - 大金重工 is experiencing significant growth, with projected net profits for 2025 expected to reach between 1.05 billion to 1.2 billion yuan, marking a substantial increase compared to the previous year [1][3]. Financial Performance - The company anticipates a net profit attributable to shareholders of 10.50 billion to 12.00 billion yuan for the fiscal year 2025, representing a year-on-year growth of 121.58% to 153.23% [1][3]. - For the first three quarters of 2025, the company reported a revenue of 45.95 billion yuan, a year-on-year increase of 99.25%, with a net profit of 8.87 billion yuan, up 214.63% [3]. - The export revenue for the first half of 2025 reached 22.43 billion yuan, nearly doubling year-on-year and accounting for 78.95% of total revenue [1][7]. Market Position and Strategy - 大金重工 is a leading global supplier of offshore wind power equipment, with a strong focus on expanding its overseas market presence [1][5]. - The company is actively pursuing a Hong Kong listing to strengthen its global strategic layout [2][7]. - The company has established a global floating business center and is collaborating with top international floating foundation solution providers to develop next-generation products [5][6]. Research and Development - R&D expenses have been increasing, with a reported 1.93 billion yuan in R&D costs for the first three quarters of 2025, reflecting a year-on-year growth of 228.65% [5][6]. - The R&D expense ratio for 2025 is reported at 4.19%, indicating a commitment to maintaining industry-leading technological innovation [5]. International Orders and Contracts - As of mid-2025, the company has accumulated over 10 billion yuan in overseas orders, primarily for delivery in the next two years, with projects covering multiple offshore wind farms in Europe [6][7]. - The company has also secured two shipbuilding orders from international clients, totaling approximately 585 million yuan, to be delivered by 2027 [6].